Consumer sentiment has further strengthened and surged 2.8 percentage points in March 2024 for urban Indians, according to the monthly the LSEG-Ipsos Primary Consumer Sentiment Index (PCSI).
Each month, Ipsos tracks attitudes of consumers in 29 markets on the current and future state of their local economy, their personal financial situation, the employment climate, and their purchasing and investing confidence.
The PCSI is driven by the aggregation of the four weighted sub-Indices and the survey shows the sentiment has boosted across all the 4 sub-indices – the PCSI Employment Confidence (“Jobs”) Sub- Index, reflecting perceptions about jobs security and the jobs market is up 4.2 percentage points; the PCSI Current Personal Financial Conditions (“Current Conditions”) Sub-Index reflecting consumers’ perceptions of the economic climate and their current purchasing, jobs, and investment confidence is up 2.4 percentage points; the PCSI Investment Climate (“Investment”) Sub-Index indicative of consumers’ perception of the investment climate has moved up 1.8 percentage points; and the PCSI Economic Expectations (“Expectations”) Sub-Index, reflecting consumers’ perceptions of the economic climate and their current purchasing, jobs, and investment confidence consumer expectations about future economic conditions is up 2.3 percentage points.
Summarising the findings of the survey, Amit Adarkar, CEO, Ipsos India said, “Consumer sentiment has further bolstered in March 2024 for urban Indians and now India has the highest National Index score of 72.2 across the 29 markets covered in the survey, which indicates consumers have confidence in the economy, jobs, personal finances and investments, now and for the future. Which means consumers feel secure and stable about the future; and for the past few months, with the consumer sentiment improving, the stability factor is getting reinforced, displaying progress and positivity for growth. The consumer has funds for day to day running of households, and for discretionary spends. There are new jobs being added and our economy has withstood global headwinds. A positive consumer sentiment bodes well for consumption and spends. The first quarter has been about happy tidings around consumer sentiment. The govt has also taken timely decisions to improve high cost of living, like in March fuel prices were cut across India. Stabilizing food prices. Giving boost to manufacturing to create more jobs and encouraging Make in India.”
Consumer sentiment in 29 countries
Among the 29 countries, India (72.2) continues to hold the highest National Index score. Indonesia (63.4), along with India, are the only countries with a National Index score of 60 or higher.
Nine other countries now show a National Index above the 50-point mark: Mexico (58.6), Brazil (56.8), Thailand (55.5), the Netherlands (55.1), Singapore (53.3), the U.S. (53.1), Sweden (50.9), Poland (50.8), and Australia (50.8).
In contrast, Hungary (35.4) and Türkiye (33.8) are the only countries to show a National Index below the 40-point mark. Of note, for Italy (46.9), this month’s score is the country’s highest since October 2021.
Compared to 12 months ago, just three countries show a significant drop in consumer sentiment. Eighteen countries show significant increases, most of all in India (+15.0) and Poland (+12.6).
